Following a declaration of intent VP Bank made as early as 2019, the company has now taken the first step in China. It has acquired a stake in a Chinese asset manager.
VP Bank has bought a stake in the holding company of Chinese asset manager Hywin. The stake in Hywin Holdco amounts to 3.4 percent, VP Bank announced on Monday.
The purchase is part of a cooperation agreement VP Bank has entered into with Hywin Wealth Management and with its subsidiary Hywin Asset Management.
Asian Business Development
Together, a platform is to be built through Hywin's Hong Kong branch, with the aim of meeting the demand of wealthy Chinese for sophisticated wealth management services abroad. The Liechtenstein bank had signed a memorandum of understanding to this effect in July 2019.
The cooperation offers an excellent opportunity to continue the further development of VP Bank's Asian business, it said. The strategic partnership covers cooperation in the areas of products and services.
